Very sharp Genting Group poised to get a leg up on Vegas/Atlantic City Casino conglomerates by taking on unwanted child, NY Racing.While all other realistic major bidders came right out and declined wanting anything to do with NY racing,Genting bit the bullet and now is in position to be awarded the first full blown Casino within the five NY boroughs.
Once the politicians realize the cash that the State will get from Casinos, look for them to cut or eliminate racing subsidies,like New Jersey.NYRA has consistently demonstrated it\'s inability to break even without loans,subsidies.
Fairly long way to go but with Gov. Cuomo firmly behind this for now and it looks to have lots of legs.
\"Wall Street Journal\"
Genting pitches plan to shut down Aqueduct racing
Posted: Monday, January 09, 2012 2:02 PM
An official from the company that operates the slot-machine casino at Aqueduct reportedly supports a plan that would shut down racing at the Jamaica, New York, racetrack and move the New York Racing Association's winter dates to Belmont Park.
In a Monday story outlining plans by Genting to build a convention center and add table games to its Aqueduct racino, the Wall Street Journal reports that the Malaysian-based company that operates the slot-machine casino at Aqueduct has pitched the idea of shutting down racing at Aqueduct and moving NYRA's winter dates to Belmont, which would be redeveloped to allow it to conduct cold-weather racing.
The plan would free up more land for development at Aqueduct, Genting said.
"It makes a lot of sense," said Genting Chief Financial Officer Christian Goode. "At this point, it\'s just conceptual.
...see WSJ for entire story.
Can chalk up New Jersey\'s decision to not put a casino at MED for the last 40yrs, which would have been the busiest single casino in the world,
as the single worst finanacial decision any state has ever made in the history of the country.
The money they would have made there in the last 40 years would have been enough to pay off the national debt and have a few bucks left over. They have no idea how much cash they left on the table.
The state\'s extended decision to essentially sell out to the Atlantic City casino interests -- at any price -- was, is, and will remain depraved.